Authorized banks of Azerbaijan Mortgage Fund (AMF) under the Central Bank of Azerbaijan gave in the eight months of this year loans of 42.6 million manat, which is 18.7 million or 30.5% less than in January-August 2011.
According to the Central Bank of Azerbaijan, the average lending rate increased 0.16 percentage points to 7.07%. The average credit period reached 277 months.
The average for the monthly payment increased by 3.9% to 313.2 manat, and the same indicator for the amount of loans fell by 1.3% to 38.86 thousand manat.
AMF agents are 27 local banks. Mortgage loans are for Azerbaijani citizens up to 50,000 manat for up to 25 years at a rate no higher than 8%. Concession loans are up to 35,000 manat for up to 30 years at a rate of up to 4% per annum. - 15V -
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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